Historic 5-Unit Apartment
46 Norwood Avenue Buffalo, NY 14222
46 Norwood Avenue, Buffalo, NY, 14222
$799,000
For Sale
$799,000
Distinctive 5-unit apartment building with updated systems, solarium, and parking for 6+ cars.
Property Size7,685 SF
Price / SF$103.97
Days on Market8
Property Features for 46 Norwood Avenue
General Information
- Standard status
- Active
- Size
- 7,685 SF
- Property subtype
- Multi Family / Other
Building Details
- Year Built
- 1870
Listing agency
Gurney Becker & Bourne
(716) 849-1234
Listed by
Jeffrey Moyer · License #10401225154
(716) 849-1234
Source
Compass
Added: Jul 16 Updated: Jul 21 at 12:32PM Checked: Jul 22 at 6:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gurney Becker & Bourne
Investment Insights
Based on property information with market context.
This distinctive 5-unit apartment building offers residential income in a property retaining notable original architectural character, including leaded glass windows and detailed interior finishes. The exterior includes a large solarium and a porte-cochere. Multiple units feature updated kitchens, with common interior highlights including hardwood floors, decorative fireplaces, and a two-story foyer with a grand staircase. Unit configurations include a first-floor 2-bedroom, 2-bath apartment with an eat-in kitchen, laundry hookups, and a living room opening to the semi-circular solarium, along with a second-floor mix of two 2-bedroom, 2-bath apartments plus a 1-bedroom unit and a studio with a kitchenette. The third-floor apartment provides an additional 2-bedroom, 1-bath layout.
Recent improvements include a tear-off roof and gutters (2020), two newer Dunkirk boilers (2020), and updated 200-amp electric service (2020). The property also includes a sump pump, ample storage, and parking for 6+ cars, complemented by manicured gardens.
The building’s combination of historic design elements and 2020-era mechanical and exterior updates supports a well-maintained multifamily asset.
Recent improvements include a tear-off roof and gutters (2020), two newer Dunkirk boilers (2020), and updated 200-amp electric service (2020). The property also includes a sump pump, ample storage, and parking for 6+ cars, complemented by manicured gardens.
The building’s combination of historic design elements and 2020-era mechanical and exterior updates supports a well-maintained multifamily asset.
Key Highlights
- 5‑unit apartment building with 7,685 total SF, originally built in 1870 and retaining original architectural details
- Updated income‑focused unit layout: multiple 2BR/2BA units plus 1BR and studio; fireplace features include 3 total fireplaces
- Recent system upgrades include tear‑off roof and gutters (2020), two Dunkirk boilers (2020), and updated 200‑amp electric service (2020)
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $133.7k | $17.40 |
| − Vacancy | −$6.0k | −$0.78 |
| EGI | $127.7k | $16.62 |
| − OpEx | −$57.5k | −$7.48 |
| NOI | $70.2k | $9.14 |
7,685 SF · lease $17.40/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$878.0K – $1.17M
NOI $70,236 @ 7.0% cap · market cap 8.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,366 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Distinctive 5-unit apartment building with updated systems, solarium, and parking for 6+ cars.
Where is this apartment building located?
The property is located at 46 Norwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 5‑unit apartment building with 7,685 total SF, originally built in 1870 and retaining original architectural details; Updated income‑focused unit layout: multiple 2BR/2BA units plus 1BR and studio; fireplace features include 3 total fireplaces; Recent system upgrades include tear‑off roof and gutters (2020), two Dunkirk boilers (2020), and updated 200‑amp electric service (2020)
